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American Press
2 days ago
- Entertainment
- American Press
Freedom Festival: Celebrate an old-fashion Fourth of July
Gracelynn Bass of Lake Charles and Birelle Doucet of Lake Arthur were among the young contestants in the watermelon eating contest during last year's Freedom Fest in Lake Arthur. This year's festival, which will be held 10 a.m.-10 p.m., Saturday in Lake Arthur Park, will feature sack races, greasy pig contest, cardboard boat races, a parade, live music, food vendors and more. (Doris Maricle / American Press) The town of Lake Arthur is buzzing with excitement as it prepares to host its third annual Freedom Fest, a celebration of community spirit, patriotic pride and good old-fashioned family fun. This year's star-spangled event will take place 10 a.m.- 10 p.m. Saturday in and around Lake Arthur Park. 'The old-fashioned Fourth of July was very popular in Lake Arthur in the years past,' Alderwoman Debbie Abshire Sonnier said. 'It was a fun, family-day event to celebrate Independence Day, and when we rejuvenated this event, we wanted it to be like the old-fashioned Fourth of July.' The free festival promises a nostalgic Fourth of July experience for everyone, she said. 'We invite everyone to come out and enjoy this great festival that we have to honor our independence and our veterans,' Sonnier said. The celebration will feature old-time games as attendees can look forward to a variety of activities and entertainment for all ages. The celebration will include a cornhole tournament at 10 a.m. jump-rope contest at 11 a.m., sack races at noon, watermelon eating contest at 12:30 p.m., greasy pig contest at 1 p.m. hula hoop contest at 2:30 p.m., cardboard boat races at 3 p.m., tug-of-war at 4 p.m., limbo contest at 7:30 p.m. and glow sticks at 8 p.m. All activities are free, except for a $20 cornhole entry. 'The cardboard races are normally our biggest event,' Sonnier said. 'It's fun to see how creative people can be with cardboard and what they do to make it float, along with all the designs they have.' The parade is set to begin at 6 p.m., with lineup at 5:30 p.m. on Arthur Avenue between Third and Fourth streets, near the JD Bank. The parade will feature golf carts, bicycles, all-terrain vehicles, classic cars and decorated floats. This year's grand marshals are Ronald Joe Guidry, who served as a U.S. Army Specialist 4th Class, and Barbara Conner, who served as a lieutenant in the U.S. Navy. The junior grand marshals will be Gold Star family members Carleigh and Justin 'J.J.' Everett, whose father, Justin, was an active-duty service member killed in a motorcycle accident. Live entertainment will kick off at 10:30 a.m. with the lively sounds of Phil Hebert and the Crazy Cajuns, followed by T.J. Gautreaux and Louisiana Soul at 2 p.m. Leroy Thomas and the Zydeco Roadrunners will close out the evening with a performance from 6:45-9:30 p.m. 'We've spaced the entertainment out this year so that it will give people a chance to go and watch their children and youth in the activities,' Sonnier said. Food vendors will also be located throughout the park, offering a variety of food and drinks, including barbecue plate lunches, turkey legs, hamburgers, hot dogs, Frito pie, egg rolls, dumplings, funnel cakes, pretzels, edible cookie dough, ice cream and snow cones, lemonade and cotton candy and more. As the day draws to a close, a fireworks display will illuminate the sky over the lake at 9:30 p.m., providing a memorable finale. Families are encouraged to bring their own lawn chairs and blankets to comfortably enjoy the celebration. Ice chests are permitted, but no glass containers will be allowed.
Associated Press
28-01-2025
- Business
- Associated Press
JD Bancshares, Inc. Reports Financial Results for Three and Twelve-Month Periods Ended December 31, 2024
JENNINGS, LA / ACCESS Newswire / January 28, 2025 / JD Bancshares, Inc. (the 'Company'), (OTCQX:JDVB), the parent holding company of JD Bank (the 'Bank'), reports its unaudited financial results for the three and twelve-month periods ended December 31, 2024. Net income is $3,192,295 or $0.93 per share for the three-month period ended December 31, 2024, compared to $3,706,103 or $1.08 per share for the linked quarter ended September 30, 2024 and a net loss of $(2,213,692) or $(0.65) per share for the three-month period ended December 31, 2023. Pre-tax, pre-provision operating income (PTPPI) for the current quarter is $3,873,500, reflecting a decrease compared to $4,285,522 and $3,910,715 for the linked and prior year quarters, respectively. PTPPI excludes taxes, provision for loan losses, losses on the sale of other real estate owned (OREO), losses on the sale of investment securities, and other non-operating expenses. The decrease in PTPPI between the current and comparative quarters is primarily due to lower net interest income. For the twelve-month period ended December 31, 2024, net income is $13,579,624 or $3.96 per share compared to $6,580,906 or $1.92 per share for the prior year comparative period. PTPPI for the current twelve-month period is $15,819,679 reflecting a 5.39% decrease from $16,720,270 for the prior year period. The decrease is attributable to a 1.4% increase in non-interest expense. Paul Brummett, II, CEO commented, 'JD Bank's strong performance in 2024 demonstrates our team's ability to successfully navigate demanding economic and political cycles. We made significant progress during 2024, improving earnings through the optimization of our balance sheet. We are pleased to report our fourth quarter net income results of $3.2 million. Our year-to-date financial performance is up $7.0 million when compared to last year, the prior year's results include an after-tax loss realized on the sale of investment securities during the year of $6.2 million. We remain focused on growing earnings through generating quality, well-priced loans while controlling non-interest expenses. We are evaluating opportunities to improve our physical branch footprint across our markets while continuing to improve efficiency through digital channels. Overall activity throughout our markets is steady and encouraging.' Asset Quality Loans past due 30 to 89 days as of December 31, 2024, total $3.1 million or 0.42% of total gross loans compared to $4.2 million or 0.61% at December 31, 2023. Total nonperforming assets, including loans on non-accrual status, OREO and repossessed assets declined to $7.6 million at December 31, 2024 from $12.1 million at December 31, 2023. Loans currently in non-accrual status declined to $5.4 million from $10.6 million at year-end 2023 and OREO is currently $2,205,000 compared to $1,514,000. There are no repossessed assets at December 31, 2024 or at the prior year end. Management performs a quarterly evaluation of OREO properties and believes their adjusted carrying values are representative of their fair market values, although there is no assurance that the ultimate sales will be equal or greater than the carrying values. The Bank recorded a provision of $205,000 to its Allowance for Credit Losses (ACL) in the current quarter compared to recording a release of $331,000 in the linked quarter and a provision of $380,000 for the prior year quarter. The ACL is $9.1 million at December 31, 2024 or 1.26% of total loans compared to $9.9 million at December 31, 2023 or 1.45%. We recognized net charge-offs in the current quarter of $78,000 compared to $92,000 for the linked quarter and $393,000 for the prior year quarter. Net charge-offs for the comparative twelve-month periods ended December 31, 2024 and 2023 are $250,000 and $880,000, respectively. While we believe the current level of our ACL is adequate, there is no assurance that regulators, increased risks in the loan portfolio, or changes in economic conditions will not require additional adjustments to the ACL. Net Interest Income Net interest income for the current quarter is $10.8 million, reflecting a decrease of $555,000 compared to $11.4 million for the linked quarter ended September 30, 2024. The current quarter results reflect a decrease of $228,000 from the $11.0 million reported for the prior year quarter ended December 31, 2023. Comparing net interest income for the December and September 2024 quarters, the decrease is primarily due to lower yields on earning assets and higher rates on interest-bearing liabilities. The decrease in net interest income between the current and prior year quarters is due to increased funding costs and the volume of interest-bearing liabilities. Total interest income on all earning assets for the current quarter is $14.6 million compared to $15.0 million for the linked quarter and $13.7 million for the prior year quarter. Interest income on loans is $11.9 million, $12.3 million and $10.4 million for the three comparative quarters, respectively. Average loans outstanding are $729.4 million for Q4 2024, $727.3 million for Q3 2024 and $676.1 million for Q4 2023. The yield on loans decreased to 6.52% in the current quarter from 6.74% in linked quarter and increased from 6.13% for the prior year quarter. As other earning assets have been used to support loan growth over the past twelve months, interest income from interest bearing deposits at banks and investment securities have experienced declines from both a quarterly and year-over-year comparison. Total interest expense is $3.8 million, $3.7 million and $2.7 million for the three comparative quarters, respectively. Interest expense on deposits is $2.9 million in Q4 2024, $2.7 million in Q3 2024 and $1.8 million in Q4 2023. The cost of interest-bearing liabilities is 1.74% for the current quarter, 1.70% for the linked quarter and 1.27% for the prior year quarter. The average volume of interest-bearing deposits is $786.1 million for the current quarter, reflecting an increase of $14.0 million from the linked and an increase of $19.6 million from the prior year quarter. Interest expense on subordinated debt and other borrowings is $924,000 in the current quarter compared to $935,000 in the linked quarter and $883,000 in the prior year quarter. The cost of funds, which includes the impact of noninterest-bearing deposits, is 1.37% for the current period compared to 1.32% for Q3 2024 and 0.93% for Q4 2023. Net interest income for the current twelve-month period is $43.8 million compared to $44.1 million for the prior year period. Total interest income from earning assets is $57.7 million producing a yield of 5.13% compared to $52.3 million and a yield of 4.54% a year ago. Despite a decline in the volume of average earning assets outstanding of $33.8 million, the 59 basis point increase in yields on those assets resulted in the $5.3 million increase. Total interest expense increased from $8.2 million and the cost of interest-bearing funds of 0.96% for the prior year period to $13.8 million and 1.62% for the current twelve-month period. The higher interest expense is due to the 66 basis point increase in the cost of interest-bearing funds. The cost of total funds is currently 1.26% compared to 0.70% a year ago. The net interest margin is 3.83% for the current quarter compared to 4.04% in the linked quarter. The cost of funds increased by 5 basis points and the yield on earning assets decreased by 17 basis points resulting in the 22 basis point decrease in net interest margin. For the twelve-month periods ended December 31, 2024 and 2023, net interest margin increased by 8 basis points from 3.84% to 3.92%. While loan growth slowed in Q4 2024, we remain focused on improving our loan to deposit ratio and transitioning lower earning assets into higher earning asset categories. Our loan to deposit ratio has grown from 66.7% at December 31, 2023 to 70.7% at December 31, 2024. Non-Interest Income Total non-interest income is $2.7 million for the three-month period ended December 31, 2024 and $2.8 million for the linked quarter compared to $(3.8) million for the prior year quarter. Service charges and fees associated with deposit accounts are $2.1 million for the current quarter and $2.2 million for the linked and prior year quarters. The largest component of service charges and fees is interchange revenue on debit card transactions. Interchange revenue is $1.2 million for all compared quarters. Revenue from non-sufficient funds (NSF) is $703,000 in the current quarter compared to $752,000 in the linked quarter and $747,000 in the prior year quarter. The higher interest rate environment continues to negatively impact the gains on the sale of originated mortgage loans. Gains on the sale of originated mortgages are $85,000 for the current quarter compared to $105,000 for Q3 2024 and $58,000 for Q4 2023. Other non-interest income is $542,000 for the current quarter compared to $537,000 for the linked quarter and $(6,090,000) for the prior year quarter. The Company sold securities with a par value of $55.0 million in the prior year quarter, which resulted in a pre-tax loss of $6.6 million. Revenues from trust and brokerage activities comprise the largest components of other non-interest income. The sum of these two revenue streams is $311,000, $237,000 and $269,000 for the three comparative quarters, respectively. Other than the loss on securities in the prior year quarter, there are no non-recurring, non-operating revenue items attributable to any of the three comparative periods. Non-interest income for the twelve-month period ended December 31, 2024, is $11.1 million, compared to $3.5 million for the prior year period. Service charges and fees declined by $271,000 to $8.6 million from $8.9 million and were negatively impacted by a $290,000 decrease in interchange revenue. Gains on sale of originated mortgage loans are $382,000 compared to $444,000 and other non-interest income is $2.1 million compared to $(5.8) million. Other non-interest income for the prior twelve-month period includes a $7,841,000 non-recurring realized loss on the sale of investment securities. Non-Interest Expense Total non-interest expense is $9.8 million for the December 31, 2024 quarter compared to $10.0 million for the linked quarter and $9.9 million for the prior year quarter. Salary and benefits expense are the largest component of non-interest expense and is $5.3 million for the current quarter, $5.5 million for the linked quarter, and $5.1 million for the prior year quarter. Occupancy expenses are $1.5 million for the current quarter, $1.3 million for the linked quarter, and $1.4 million for the prior year quarter. Data processing expenses are $866,000 for the current quarter, $1.2 million in the linked quarter and $1.3 million for the prior year quarter. Data processing has declined from both comparative quarters due to negotiating a favorable contract with our core software provider. Advertising and public relations expenses total $349,000 in the current quarter compared to $371,000 for the September 2024 quarter and $440,000 for the December 2023 quarter. Other non-interest expense is $1.7 million for all comparative quarters. The largest components of other non-interest expenses are professional fees, ad valorem taxes, FDIC insurance assessments and other losses. Included in other non-interest expenses are net losses on the sale of OREO of $94,000, $103,000 and $27,000 for each of the comparative quarters. Non-interest expense for the twelve-month period ended December 31, 2024, is $39.5 million compared to $39.0 million for the prior year. Increases in salaries and employee benefits and advertising and public relations are partially offset by decreases in occupancy and data processing. Losses from the sale of OREO for the current and prior twelve-month periods are $387,000 and $31,000, respectively. Non-recurring, non-operating expenses for the prior twelve-month period include $153,000 in reimbursements to certain customers who had been charged in accordance with the Company's disclosures, multiple NSF fees on represented items. We decided to reimburse those charges due to recent regulatory scrutiny regarding fees on represented items. Income tax expense is $441,000 for the current quarter compared to $769,000 for the linked quarter and an income tax benefit of $804,000 for the December 31, 2023 quarter. The effective tax rate for the current and linked quarters are 12.15% and 17.19%, respectively. Current year-to-date income tax expense is $2.5 million with an effective rate of 15.70% compared to $862,000 and 11.58% for the prior year twelve-month period. Balance Sheet Total assets are $1.2 billion at both December 31, 2024, and December 31, 2023. In the twelve months since December 31, 2023, the Company has raised $17.9 million in cash from its investment portfolio through securities principal repayments. The cash generated from securities repayments, plus $15.7 million of existing cash and $9.4 million of net income, less dividends paid stockholders, has been used to fund the decline in total deposits and new net loan growth. Total deposits have declined by $1.1 million through December 31, 2024. The largest decline has occurred in non-interest-bearing demand accounts, which decreased by $30.5 million. Savings accounts and money market deposits have experienced year-to-date declines of $15.9 million. Time deposits experienced a year-to-date increase of $45.2 million. New net loan growth for 2024 is $40.4 million. Stockholders' equity increased by $8.1 million to $82.5 million at December 31, 2024 from $74.3 million at December 31, 2023. The increase is primarily comprised of an increase in the accumulated other comprehensive loss of $1.3 million, dividends paid to common shareholders of $4.0 million, and year-to-date earnings of $13.6 million. Tangible book value per common share is $22.89 at December 31, 2024 compared to $20.52 at December 31, 2023. Key Performance Ratios Return on average assets (ROA) decreased to 1.06% for the current quarter compared to 1.25% for the linked and (0.74)% for the prior year quarter. Return on average equity (ROE) is 14.30%, 18.99% and (16.03)% for the three comparative quarters ended December 2024, September 2024 and December 2023, respectively. ROA and ROE for the twelve-month periods ended December 31, 2024 and 2023 are 1.15% and 0.55%, and 17.09% and 10.79%, respectively. About JD Bancshares, Inc. JD Bancshares, Inc. is the bank holding company of JD Bank, a Louisiana state-chartered bank headquartered in Jennings, Louisiana. JD Bank has been serving the citizens of south Louisiana since 1947 and offers a variety of personal and commercial lending and deposit products through both physical and digital delivery channels. The Bank also offers both trust and investment services. JD Bank operates through 21 full-service branch offices and two loan and deposit production offices located along the I-10 and I-12 corridors from Lake Charles to Mandeville, Louisiana. Additional information is available on its website at JD Bancshares, Inc. (OTCQX: JDVB) trades on the OTCQX Best Market. Companies on the OTCQX Best Market meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, and have a professional third-party sponsor introduction. Investors can find current financial disclosure and real-time level 2 quotes for the Company on Forward-Looking Statements Statements contained in this release, which are not historical facts, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors which include the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, the effects of competition, and including without limitation to other factors that could cause actual results to differ materially as discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. For more information contact: CONSOLIDATED BALANCE SHEETS (UNAUDITED) Actual Dec 2024 Actual Dec 2023 $ Variance % Variance Assets Cash and due from banks 23,114,444 27,407,077 (4,292,633 ) (15.7 ) Interest bearing deposits with banks 35,765,026 47,128,161 (11,363,135 ) (24.1 ) Investment Securities - Taxable 223,870,862 243,375,614 (19,504,752 ) (8.0 ) Investment Securities - Tax-exempt 122,992,133 126,485,908 (3,493,775 ) (2.8 ) Mortgage loans held for sale 321,983 - 321,983 - Loans, net of unearned income 726,030,139 685,618,017 40,412,122 5.9 Less: Allowance for credit losses (9,121,621 ) (9,907,722 ) 786,101 (7.9 ) Premises and equipment, net 21,017,630 21,668,586 (650,956 ) (3.0 ) Accrued interest receivable 4,983,070 4,908,323 74,747 1.5 Other real estate 2,204,968 1,513,964 691,004 45.6 Other assets 45,491,024 40,271,967 5,219,057 13.0 Total Assets 1,196,669,658 1,188,469,895 8,199,763 0.7 Liabilities Non-Interest Bearing Deposits 224,044,996 254,516,587 (30,471,591 ) (12.0 ) Interest bearing demand deposits 311,787,150 311,708,545 78,605 - Savings and Money Market Deposits 301,157,091 317,061,228 (15,904,137 ) (5.0 ) Time Deposits - Retail 189,885,577 144,650,491 45,235,086 31.3 Total Deposits 1,026,874,814 1,027,936,851 (1,062,037 ) (0.1 ) Accrued expenses and other liabilities 7,473,393 6,267,474 1,205,919 19.2 Other Borrowings 79,819,027 79,906,591 (87,564 ) (0.1 ) Total Liabilities 1,114,167,234 1,114,110,916 56,318 - Equity Common stock 21,381,956 21,372,250 9,706 - Capital surplus 10,267,070 10,294,678 (27,608 ) (0.3 ) Retained earnings 88,214,577 78,562,644 9,651,933 12.3 Accumulated other comprehensive (loss) (36,798,274 ) (35,506,973 ) (1,291,301 ) 3.6 Less: unearned stock awards (562,905 ) (363,620 ) (199,285 ) 54.8 Total Equity 82,502,424 74,358,979 8,143,445 11.0 Total Liabilities & Equity 1,196,669,658 1,188,469,895 8,199,763 0.7 JD BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) QTD Actual Dec 2024 QTD Actual Sep 2024 $ Variance % Variance QTD Actual Dec 2023 $ Variance % Variance Interest Income Interest on Loans 11,948,621 12,328,762 (380,141 ) (3.1 ) 10,440,818 1,507,803 14.4 Mortgage Loans Held For Sale 2,948 3,265 (317 ) (9.7 ) 2,961 (13 ) (0.4 ) Interest on deposits with banks 241,293 169,371 71,922 42.5 590,396 (349,103 ) (59.1 ) Investment Securities - Taxable 1,643,483 1,743,435 (99,952 ) (5.7 ) 1,934,003 (290,520 ) (15.0 ) Investment Securities - Tax-exempt 769,027 770,502 (1,475 ) (0.2 ) 780,155 (11,128 ) (1.4 ) Total Interest Income 14,605,372 15,015,335 (409,963 ) (2.7 ) 13,748,333 857,039 6.2 Interest Expense Interest bearing demand deposits 373,234 375,432 (2,198 ) (0.6 ) 337,696 35,538 10.5 Savings and Money Market Deposits 711,477 645,331 66,146 10.2 500,957 210,520 42.0 Time Deposits - Retail 1,774,820 1,657,239 117,581 7.1 993,721 781,099 78.6 Time Deposits - Wholesale 16,384 42,740 (26,356 ) (61.7 ) - 16,384 - Total Interest Expense on Deposits 2,875,915 2,720,742 155,173 5.7 1,832,374 1,043,541 57.0 Interest on other borrowings 924,461 935,047 (10,586 ) (1.1 ) 882,759 41,702 4.7 Total Interest Expense 3,800,376 3,655,789 144,587 4.0 2,715,133 1,085,243 40.0 Net Interest Income 10,804,996 11,359,546 (554,550 ) (4.9 ) 11,033,200 (228,204 ) (2.1 ) Provision for credit losses 145,660 (293,270 ) 438,930 (149.7 ) 323,650 (177,990 ) (55.0 ) Net In. Inc. After Prov. for Credit Losses 10,659,336 11,652,816 (993,480 ) (8.5 ) 10,709,550 (50,214 ) (0.5 ) Non Interest Income Service charges and fees 2,100,515 2,192,216 (91,701 ) (4.2 ) 2,200,116 (99,601 ) (4.5 ) Mortgage loan and related fees 85,339 104,986 (19,647 ) (18.7 ) 58,068 27,271 47.0 Other noninterest income 542,077 537,498 4,579 0.9 (6,090,200 ) 6,632,277 108.9 Total Non Interest Income 2,727,931 2,834,700 (106,769 ) (3.8 ) (3,832,016 ) 6,559,947 171.2 Non Interest Expense Salaries and employee benefits 5,309,295 5,458,658 (149,363 ) (2.7 ) 5,069,563 239,732 4.7 Occupancy 1,525,873 1,329,326 196,547 14.8 1,409,802 116,071 8.2 Advertising and public relations 349,012 370,776 (21,764 ) (5.9 ) 439,775 (90,763 ) (20.6 ) Data Processing 865,519 1,155,949 (290,430 ) (25.1 ) 1,285,919 (420,400 ) (32.7 ) Other noninterest expense 1,703,802 1,697,383 6,419 0.4 1,690,183 13,619 0.8 Total Non Interest Expense 9,753,501 10,012,092 (258,591 ) (2.6 ) 9,895,242 (141,741 ) (1.4 ) Income Before Taxes 3,633,766 4,475,424 (841,658 ) (18.8 ) (3,017,708 ) 6,651,474 220.4 Income taxes 441,471 769,321 (327,850 ) (42.6 ) (804,016 ) 1,245,487 154.9 Net Income 3,192,295 3,706,103 (513,808 ) (13.9 ) (2,213,692 ) 5,405,987 244.2 Per common share data: Earnings $ 0.93 $ 1.08 $ (0.65 ) Weighted average number of shares outstanding 3,428,159 3,435,396 3,419,560 JD BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) YTD Actual Dec 2024 YTD Actual Dec 2023 $ Variance % Variance Interest Income Interest on Loans 46,450,566 40,000,208 6,450,358 16.1 Mortgage Loans Held For Sale 14,338 28,187 (13,849 ) (49.1 ) Interest on deposits with banks 1,167,996 1,363,862 (195,866 ) (14.4 ) Investment Securities - Taxable 6,939,902 7,805,878 (865,976 ) (11.1 ) Investment Securities - Tax-exempt 3,094,438 3,143,562 (49,124 ) (1.6 ) Total Interest Income 57,667,240 52,341,697 5,325,543 10.2 Interest Expense Interest bearing demand deposits 1,407,645 1,242,384 165,261 13.3 Savings and Money Market Deposits 2,468,008 1,937,680 530,328 27.4 Time Deposits - Retail 6,224,951 2,607,684 3,617,267 138.7 Time Deposits - Wholesale 59,123 - 59,123 - Total Interest Expense on Deposits 10,159,727 5,787,748 4,371,979 75.5 FHLB Advances - 36,522 (36,522 ) (100.0 ) Interest on other borrowings 3,689,445 2,400,526 1,288,919 53.7 Total Interest Expense 13,849,172 8,224,796 5,624,376 68.4 Net Interest Income 43,818,068 44,116,901 (298,833 ) (0.7 ) Provision for credit losses (676,917 ) 1,252,399 (1,929,316 ) (154.0 ) Net In. Inc. After Prov. for Credit Losses 44,494,985 42,864,502 1,630,483 3.8 Non Interest Income Service charges and fees 8,599,955 8,870,553 (270,598 ) (3.1 ) Mortgage loan and related fees 382,387 443,682 (61,295 ) (13.8 ) Other noninterest income 2,109,549 (5,785,936 ) 7,895,485 (136.5 ) Total Non Interest Income 11,091,891 3,528,299 7,563,592 214.4 Non Interest Expense Salaries and employee benefits 21,575,502 20,447,925 1,127,577 5.5 Occupancy 5,483,226 5,545,088 (61,862 ) (1.1 ) Advertising and public relations 1,451,727 1,344,578 107,149 8.0 Data Processing 4,365,963 5,199,378 (833,415 ) (16.0 ) Other noninterest expense 6,601,019 6,413,332 187,687 2.9 Total Non Interest Expense 39,477,437 38,950,301 527,136 1.4 Income Before Taxes 16,109,439 7,442,500 8,666,939 116.5 Income taxes 2,529,815 861,594 1,668,221 193.6 Net Income 13,579,624 6,580,906 6,998,718 106.3 Per common share data: Earnings $ 3.96 $ 1.92 Weighted average number of shares outstanding 3,426,420 3,420,056 JD BANCSHARES, INC. AND SUBSIDIARIES Margin Analysis Compare Average Yield and Rate Average Funds Interest Income/Expense QTD Actual Dec 2024 QTD Actual Dec 2023 Change QTD Actual Dec 2024 QTD Actual Dec 2023 Change QTD Actual Dec 2024 QTD Actual Dec 2023 Change Earning Assets Loans 6.52 6.13 0.39 729,435,925 676,135,026 53,300,899 11,948,621 10,440,818 1,507,803 Loan fees - - - - - - - - - Loans with fees 6.52 6.13 0.39 729,435,925 676,135,026 53,300,899 11,948,621 10,440,818 1,507,803 Mortgage loans held for sale 6.33 8.04 (1.71 ) 186,300 147,305 38,995 2,948 2,961 (13 ) Deposits with banks 4.66 5.49 (0.83 ) 20,608,787 42,663,668 (22,054,881 ) 241,293 590,396 (349,103 ) Investment securities - taxable 2.40 2.43 (0.03 ) 273,815,496 317,930,937 (44,115,440 ) 1,643,483 1,934,003 (290,519 ) Investment securities - tax-exempt 3.15 3.12 0.03 123,534,382 126,648,759 (3,114,378 ) 769,027 780,155 (11,128 ) Total Earning Assets 5.14 4.79 0.35 1,147,580,890 1,163,525,694 (15,944,804 ) 14,605,373 13,748,333 857,040 Interest bearing liabilities Interest bearing demand 0.50 0.43 0.07 297,271,702 310,674,038 (13,402,336 ) 373,234 337,696 35,538 Savings and Money Market 0.93 0.62 0.31 302,809,143 322,767,841 (19,958,698 ) 711,477 500,957 210,520 Time deposits - Retail 3.83 2.96 0.87 184,405,638 133,079,112 51,326,526 1,774,820 993,721 781,099 Time Deposits - Wholesale 3.98 - 3.98 1,636,133 - 1,636,133 16,384 - 16,384 Total interest bearing deposits 1.46 0.95 0.51 786,122,616 766,520,991 19,601,625 2,875,915 1,832,374 1,043,542 Other borrowings 4.53 4.59 (0.06 ) 79,921,773 75,342,368 4,579,405 924,461 882,759 41,703 Total borrowed funds 4.53 4.59 (0.06 ) 79,921,773 75,342,368 4,579,405 924,461 882,759 41,703 Total interest-bearing liabilities 1.74 1.27 0.47 866,044,389 841,863,359 24,181,030 3,800,377 2,715,132 1,085,244 Net interest rate spread 3.40 3.49 (0.09 ) 10,804,997 11,033,201 (228,204 ) Effect of non-interest bearing deposits (0.37 ) (0.35 ) (0.02 ) 230,828,663 275,018,493 (44,189,829 ) Cost of funds 1.37 0.93 0.44 Net interest margin 3.83 3.86 (0.03 ) JD BANCSHARES, INC. AND SUBSIDIARIES Margin Analysis Compare Average Yield and Rate Average Funds Interest Income/Expense YTD Actual Dec 2024 YTD Actual Dec 2023 Change YTD Actual Dec 2024 YTD Actual Dec 2023 Change YTD Actual Dec 2024 YTD Actual Dec 2023 Change Earning Assets Loans 6.51 5.95 0.56 713,919,749 672,751,806 41,167,942 46,450,566 40,000,209 6,450,358 Loan fees - - - - - - - - - Loans with fees 6.51 5.95 0.56 713,919,749 672,751,806 41,167,942 46,450,566 40,000,209 6,450,358 Mortgage loans held for sale 7.14 7.64 (0.50 ) 200,728 369,009 (168,281 ) 14,338 28,187 (13,849 ) Deposits with banks 5.31 5.22 0.09 22,007,851 26,136,456 (4,128,605 ) 1,167,996 1,363,862 (195,866 ) Investment securities - taxable 2.48 2.25 0.23 279,607,266 347,025,491 (67,418,225 ) 6,939,902 7,805,878 (865,977 ) Investment securities - tax-exempt 3.14 3.11 0.03 124,832,289 128,046,513 (3,214,224 ) 3,094,438 3,143,562 (49,123 ) Total Earning Assets 5.13 4.54 0.59 1,140,567,883 1,174,329,275 (33,761,392 ) 57,667,241 52,341,698 5,325,543 Interest bearing liabilities Interest bearing demand 0.48 0.38 0.10 294,247,673 325,748,018 2,393,868 1,407,645 1,242,384 165,261 Savings and Money Market 0.80 0.54 0.26 307,259,602 356,546,099 (49,286,496 ) 2,468,008 1,937,680 530,329 Time deposits - Retail 3.71 2.19 1.52 167,815,371 119,183,119 48,632,252 6,224,951 2,607,684 3,617,266 Time Deposits - Wholesale 4.80 - 4.80 1,230,941 - 1,230,941 59,123 - 59,123 Total interest bearing deposits 1.32 0.72 0.60 770,553,587 801,477,236 2,970,565 10,159,728 5,787,748 4,371,979 Federal home Loan Bank advances 11.16 5.22 5.94 3 690,411 (690,408 ) - 36,522 (36,522 ) Other borrowings 4.53 4.46 0.07 80,034,352 53,112,033 26,922,319 3,689,445 2,400,526 1,288,919 Total borrowed funds 4.53 4.47 0.06 80,034,355 53,802,444 26,231,911 3,689,446 2,437,048 1,252,397 Total interest-bearing liabilities 1.62 0.96 0.66 850,587,942 855,279,680 29,202,475 13,849,173 8,224,797 5,624,377 Net interest rate spread 3.51 3.58 (0.07 ) 43,818,067 44,116,901 (298,834 ) Effect of non-interest bearing deposits (0.36 ) (0.26 ) (0.10 ) 243,076,675 274,433,451 (65,113,612 ) Cost of funds 1.26 0.70 0.56 Net interest margin 3.92 3.84 0.08 JD BANCSHARES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL INFORMATION Financial Ratios For the Twelve For the Twelve For the Qtr For the Qtr For the Qtr Months Months Ended Ended Ended Ended Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Performance Ratios Return on Average Assets (ROA) 1.06 % 1.25 % -0.74 % 1.15 % 0.55 % ROA based on Pre-tax, pre-provision operating income 1.29 % 1.45 % 1.32 % 1.34 % 1.40 % Return on Average Equity (ROE) 14.30 % 18.99 % -16.03 % 17.09 % 10.79 % ROE based on Pre-tax, pre-provision operating income 17.35 % 21.96 % 28.33 % 19.91 % 27.41 % Earnings per Share $ 0.93 $ 1.08 $ (0.65 ) $ 3.96 $ 1.92 Net Interest Margin 3.83 % 4.04 % 3.86 % 3.92 % 3.84 % Efficiency Ratio ** 70.32 % 68.82 % 70.56 % 70.14 % 68.83 % Non-Interest Income as a % of Avg. Assets** 0.91 % 0.96 % 0.92 % 0.94 % 0.95 % Non-Interest Expense as a % of Avg. Assets** 3.22 % 3.34 % 3.32 % 3.31 % 3.24 % As of As of December 31, 2024 December 31, 2023 Bank Level Capital Ratios: Tier 1 Leverage Ratio 11.34% (Est.) 10.67 % Common Equity Tier 1 Ratio 16.00% (Est.) 15.72 % Tier 1 Risk-Based Capital Ratio 16.00% (Est.) 15.72 % Total Risk-Based Capital Ratio 17.09% (Est.) 16.96 % Company: Tangible Equity / Total Assets 6.55 % 5.91 % Tangible Book Value per Share $ 22.89 $ 20.52 Reconcilement of GAAP to Pre-tax, Pre-Provision Operating Income: For the Twelve For the Twelve For the Qtr For the Qtr For the Qtr Months Months Ended Ended Ended Ended Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net Income (GAAP) $ 3,192,295 $ 3,706,103 $ (2,213,692 ) $ 13,579,624 $ 6,580,906 Provision for Loan Losses 145,660 (293,270 ) 323,650 (676,917 ) 1,252,399 Net (Gain) Loss on OREO 94,074 103,368 27,001 387,157 31,086 Net (Gain) Loss on Securities - - 6,577,772 - 7,840,872 Non-recurring Expenses - - - - 153,413 Income Tax Expense 441,471 769,321 (804,016 ) 2,529,815 861,594 Pre-tax, Pre-Provision Operating Income $ 3,873,500 $ 4,285,522 $ 3,910,715 $ 15,819,679 $ 16,720,270 ** Non-recurring items are eliminated for this ratio SOURCE: JD Bancshares, Inc.
